Visa, the worldwide digital payments service provider, just launched a Global Crypto Advisory to help customers and partners navigate their cryptocurrency journeys. Financial institutions are increasingly accepting Bitcoin as a payment method. According to recent global research, roughly 40% of cryptocurrency owners would switch primary banks to one that offers crypto products.
Cuy Sheffield, head of crypto at Visa, the world’s largest payment processor, spoke about launching the worldwide advisory service for banks and merchants.
Visa’s Growth Since Crypto Integration
According to Cuy Sheffield, the scale and scope of Visa’s crypto activity have grown substantially. Visa currently has hundreds of individuals working on crypto in some form across many departments, up from a handful just a few years ago. In the previous 18 months, they have quadrupled the number of contracts with crypto platforms, bringing the total to 60.
They’ve also watched clients’ attitudes on cryptocurrency change over the previous few years, from skepticism to awareness, to the realization that crypto will very certainly influence their present business.
Visa wanted to understand better how people believe and feel about cryptocurrency, so they conducted a global survey on consumer views. The data revealed that crypto is almost universally known. A sizable proportion of respondents (almost one-third) had utilized it, either as a financial instrument or a medium of exchange.
Visa Purchased CryptoPunk NFT for $150000
According to Sheffield, Visa expects that NFTs will play a key role in retail, social media, entertainment, and commerce in the future. Merchants, brands, and content platforms interested in participating in the NFT-commerce ecosystem have shown a lot of interest.
The purchase of CryptoPunk aided the organization in developing that fundamental knowledge. It is because they have had intimate contact with the NFT environment. As a result, they are better equipped to assist their partners in understanding the NFT ecosystem to begin to consider methods to participate in the expanding crypto economy.
More than $3 billion Worth of Digital Transactions in a Year
To be more specific, the $3.5 billion figure reflects the total expenditure on Visa’s crypto-linked card schemes. It represents a modest percentage of overall Visa card spending. When you consider that these initiatives didn’t exist in any meaningful sense a year ago, it’s clear that they’re gaining traction.
Meanwhile, Visa said last week that its Visa Consulting and Analytics (VCA) arm had created a crypto consultancy business for its clients and partners. It has also collaborated with over 60 of the world’s largest cryptocurrency companies. They include FTX, BlockFi, Crypto.com, Coinbase, and Binance. They have an aim to create card programs that make it simple for customers to convert and spend digital currency globally.
Visa’s goal is to bridge the crypto ecosystem and the worldwide network of 80 million merchant locations and over 15,000 financial institutions.